Bank of India informed the stock exchanges today about an upwards revision in the interest rates on deposits in some maturities by about 100 basis points. The new rates will be effective from today.
Deposits upto Rs 1 crore (minimum deposit of Rs 1 lakh) with a maturity of 1-2 years will now attract an interest rate of 8.25 per cent as against the earlier 7.5 per cent and those with a maturity of 2-3 years will also earn an interest of 8.25 per cent as against 7.25 per cent.
Similarly, deposits of Rs 1-5 crore with a maturity of 1-2 years and 2-3 years will see an upward revision in the interest rates. The new interest rate for both will be 8.25 per cent as against the earlier 7.75 and 7.25 per cent respectively.
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